Key Sentence:
- The UK’s cybersecurity sector currently employs around 50,000 people, according to the Department for Culture, Media and Sport (DCMS).
- And the industry continues Britain’s “Biggest” Cybersecurity to grow.
- Between 2019 and 2020, the number of companies operating in the district rose 21% to a total of 1,483.
So a fast-growing industry, but how many opportunities does Britain’s “Biggest” Cybersecurity does a new company have to start and thrive in a market that may be more than adequately served by established and aspiring names in the early stages? Well, according to Sai Hook, director of innovation at the Plexal Joint Work Center, the cybersecurity sector may be “noisy” in terms of the number of actors and decisions vying for attention. Still, some gaps need to be filled. Innovation is still required.
And last week, Plexal – which serves as a collaborative facility and innovation hub – announced the launch of the UK’s “largest” cyber Accelerator. The initiative called Cyber Runway is intended to help 160 companies between now and April 2022. The Accelerator, coordinated by Plexal, brings three existing programs – Hut Zero, Cyber 101, and Cyber Accelerator – into one operation.
But does the UK need another cyber accelerator – and a huge one at that? When I spoke to Sai Hook, I wanted to ask him about the mindset behind the project and the expected offer.
As Huq admits, this is a booming sector catalyzed by government funding and a national cybersecurity strategy. “But there is a constant need,” he said. “First, there is the opportunity to become a world leader. And there are national security requirements. “
This program, also offered by CyLon, Deloitte, and CSIT, aims to help entrepreneurs with suitable solutions in marketing their products.
Lots of choices
It does not matter. This is what you would expect from any decent accelerator. However, what might make Cyber Runway stand out is its intent to attract a more diverse group of founders to a sector that might seem daunting to outsiders.
“This is a tough industry to break into,” Huq said. “It is considered inaccessible.”
One reason is that cybersecurity depends not only – to a large extent – on cutting-edge technology and continuous research and development but also the kind of customer expectations. In their upper echelons, cybersecurity companies are busy with software. And hardware specialists and alumni from the military, intelligence services, and large organizations. In other words, people with experiences and experiences that impress potential customers.
Security, Huq added, is also seen as a metropolitan activity – an activity in clusters such as the technology city of London. This is a kind of misunderstanding. There are large cyber hubs far from the capital in places like Cheltenham and Manchester and 19 universities identified as centers of excellence.
“But innovation costs money, and VCs don’t have to have connections to the region,” Huq said. Therefore, one of Accelerator’s goals is to create links between UK companies and London-based venture capitalists.